Filinvest Development Corporation (FDC) reported a net income attributable to equity holders of the parent company of ₱7.4 billion in the first half of 2025, representing a 34 percent increase from the net income generated in the same period last year of ₱5.5 billion. Consolidated net income rose by 30 percent to ₱9.2 billion from ₱7.1 billion in the same period in 2024. The growth was broad-based with Banking, Real Estate, Power, Hospitality and Sugar posting double-digit profit increases.
“We sustained our strong growth momentum in 2024 to the first half of 2025. All our business units contributed to this performance despite several challenges. We are striving to deliver strong results for the entire year. We are harnessing the energy of the organization to continuously grow the business despite some headwinds.” said FDC President and CEO Rhoda A. Huang.
Total revenues and other income in the first six months of 2025 rose by 5.5 percent versus the same period in 2024 to ₱58.5 billion. The increases in revenues and other income by business segment were as follows: Banking, 17 percent to ₱28.4 billion; Real estate, 9 percent to ₱13.8 billion; Sugar, 23 percent to ₱4.6 billion; and Hospitality, 7 percent to ₱2.2 billion. The revenues and other income of Power declined by 25 percent to ₱9.6 billion.
On a standalone basis, banking unit EastWest Bank’s (EW) top-line growth was driven by a 15 percent increase in consumer loans that led to a 15 percent rise in net interest income to ₱19.2 billion in the first half of 2025. Consumer lending remained the bank’s core product, accounting for 84 percent of the total loan book. This helped push net interest margin to 8.3 percent. Meanwhile, non-interest income grew by 29 percent to ₱3.5 billion, in line with banking transaction growth.
FDC’s power subsidiary, FDC Utilities, Inc. (FDCUI), reported revenues and other income of ₱9.6 billion in the first six months of 2025. The lower spot market activity and decline in coal cost passthrough rates in the period caused lower revenues versus a year ago. The revenue decline was however offset by the reduced cost and expenses from lower fuel costs. This led to FDCUI posting a net income contribution of ₱2.7 billion in the first half of 2025, or an improvement of 28 percent from the same period in 2024.
The real estate business, composed of subsidiaries Filinvest Land, Inc. (FLI), Filinvest Alabang, Inc. (FAI), and Filinvest REIT Corp. (FILRT), generated revenues in the first half of 2025 of ₱13.8 billion, 9 percent higher than the same period last year, driven by higher residential sales and mall rental. Residential sales grew by 6 percent as demand from the
low-affordable and the high-end segments escalated in the period. Mall and rental revenues rose by 11 percent to ₱4.5 billion on higher occupancy and foot traffic. Real estate contribution to FDC net income improved by 11 percent to ₱1.5 billion.
Revenues from hotel operations under Filinvest Hospitality Corporation (FHC) expanded by 7 percent to ₱2.2 billion in the first six months of 2025 compared to the same period last year. The growth was brought by higher occupancy, higher volume and spend per guest, as well as improved contributions from the food and beverage (F&B) segment across its portfolio that includes seven hotels with 1,800 rooms, and two 18-hole golf courses situated in Filinvest Mimosa Plus Leisure City in Clark, Pampanga. FHC operates three homegrown brands, namely Crimson, Quest, and Timberland Highlands.
The Banking segment posted the highest contribution to revenues and other income in the first half of 2025, accounting for 49 percent of the conglomerate’s total. This was followed by Real Estate and Power with 27 percent and 16 percent, respectively. Sugar accounted for 8 percent, while the balance was distributed among other businesses.
The healthy revenue growth rates realized during the first six months of 2025 translated to the following bottom-line contributions: Banking contributed ₱3.2 billion equivalent to 38 percent of FDC’s net income. This was followed by Power with a ₱2.7 billion contribution or 32 percent; Property business, composed of the Real Estate and Hospitality segments, added ₱1.7 billion equivalent to 19 percent; and Sugar, ₱997 million for 11 percent.
The company’s balance sheet, with total assets of ₱829 billion as of end-June 2025, remained healthy. Its debt-to-equity ratio stood at 0.72:1, providing financial flexibility supportive of a fast-growing conglomerate. Additionally, FDC was able to successfully raise ₱8.0 billion from its maiden preferred shares offering that were listed on the Main Board of the Philippine Stock Exchange on August 8, 2025. The proceeds from the preferred shares offering will be utilized to refinance existing obligations and fund key growth initiatives that are aligned with FDC’s long-term strategy.